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Q. > Please Help: accounts
A service providing company raise bill after completion of service, so they raise invoice 1st day of next month.Will they book the income from raise their service bill in Next fin year april.
3 Answers
answered Jun 19, 2012 by Rishabh Upadhyay , Chandigarh
In the next financial year
answered Jun 24, 2012 by CA VIKAS JAIN , DELHI
If bill is raised in next financial year, then it will be the income of that financial year. recognitation concept of accounting.
answered Jul 22, 2012 by Vikash Kumar Jha , Cuttack
As per accounting standard income should be treated on the accrual basis concept
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Comments
Rishabh Upadhyay
19-Jun-2012 , 10:17:53 pmAs per accounting standards, you can book the income on accrual basis , in the year in which services were actually rendered, But from service tax point of view, bill is booked in next financial year, so the same will be treated as income of next financial year.
CA Sagar saraswat
20-Jun-2012 , 12:04:19 amyes in the next f.y